The Department of Energy released its weekly report on the condition of petroleum inventories in the United States today.
Here are some highlights:
Crude oil inventories increased by 1.9 million barrels to a total of 362.5 million barrels. At 362.5 million barrels, inventories are 1.7% lower than last year, but remain above average. Supply at NYMEX delivery point, Cushing, Oklahoma rose to a whopping 37.0 million barrels, the most ever recorded. This is important because Cushing is the delivery point for oil traded on the NYMEX.
Gasoline inventories decreased by 2.8 million barrels to a total of 222.1 million barrels. At 222.1 million barrels, inventories are 5.1% higher than last year. The biggest decreases in gasoline inventories were on the West Coast (-2.1mb), and the East Coast (-0.8mb). Slight gains were seen in the Midwest (+0.6).
Distillate inventories increased by 1.4 million barrels to a total of 153.8 million barrels. At 153.8 million barrels, inventories are 2.8% higher than a year ago. Demand for distillate fuel (diesel, industrial fuels) is up an average of 7.5% over the last four weeks, a leading sign of the health of the economy.
Refinery utilization fell slightly to 88.4%, a gain of 1.2% over last week's numbers. Gasoline production decreased again last week to 9.0 million barrels per day while distillate fuel production averaged 4.3 million barrels per day.
Overall, a this report may lead to prices increasing on Wall Street as gasoline, distillate demand, and a drop in gasoline inventories take front stage.
Meanwhile, if you keep an eye on our GasBuddy retail gasoline price charts, you'll notice a slow decrease in the average price for gasoline in the United States and Canada. To see them yourself,